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I agree completely with your second paragraph, Howard, but not the
first. All the players you mentioned were simply reflecting the
public mood. The real blame goes to all of us who greedily bought
subprime- and option-ARM-financed houses (sometimes more than one)
speculating that rising prices would allow refinancing and sweet
profits. It was all of us who drew equity from our homes to buy new
Lincoln Navigators and speculate in the market. It was all of us who
spent more than we earned, expecting the gravy train to continue. The
regulators, lenders and Wall Street types just gave us what we
demanded. Funny how human nature is to blame everyone else for our
bad decisions.
I don't recall hearing the outcries about lenders loaning money to
people who couldn't afford it two years ago. Even Greenspan was
cheering them on.
Sometimes when you speculate, you lose. It's unfortunate. Whatever
happened to "buyer beware"?
From: hbernst963@xxxxxxx <hbernst963@xxxxxxx>
To: realtraders@xxxxxxxxxxxxxxx
Date: Wednesday, October 8, 2008, 6:35:40 AM
Subject: [RT] Time to end hedge funds?
There is a lot of blame to go around in this crisis. To blame it on the
government is ridiculous, IMO. There are many players in this- Wall Street
speculators, lax government supervision, mortgage lenders giving money to people
who couldn't afford to pay for houses, etc.
What we are seeing is a normal long term cycle of credit expansion and
collapse. See the depression of 1835-42, the Panics of 1873 and 1890 and of
course, 1929-1932.
Howard Bernstein
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